Android App for IGCSE Business Studies

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Revision notes on IGCSE Economics

Individual spending and saving section is a very important section for Paper 2 in IGCSE Economics. Usually there is a question on this topic every year.

Factors affecting individual expenditure

• Level of income/wealth: An individual with high income will usually spend more than a person whose income is less.
• Family size and commitments: An individual with a large family will end up spending more from his income.
• Rates of interest: When interest rates are high people usually spend less as saving are a more attractive option.
• Availability of/knowledge about savings schemes

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Factors affecting Saving

• Interest rates: Higher interest rates will encourage people to save more.
• Availability of appropriate savings schemes: With more options to save money people will be attracted to save more
• Advertising of/knowledge about what is available at financial institutions
• Confidence/trust in financial institutions
• Size of real disposable income: Disposable income is the income left after paying taxes. Thus more money left in pockets will encourage people to save more.

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Workers Participation Revision Notes

Worker participation

Worker participation refers to the influence that workers had on decision-making at management level. Representative workers of influence achieved this through their work on the various management-employee committees.

Advocate workers of influence used formal, individual meetings with management to influence their thinking. Informal workers of influence give input to management thinking in informal arenas such as articles in the newsletter and informal discussion where they exchange information with management.

Participation requires that management share information about the operation of the plant, the marketplace and the needs of customers and suppliers.

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